Tesla Stock Down 30% In 2024, Investors Continue To Short, Bet Against EV Leader New Data Reveals
Portfolio Pulse from Chris Katje
Tesla Inc (NASDAQ:TSLA) shares have dropped 30% in 2024, with first-quarter deliveries missing estimates, making it one of the S&P 500's worst performers. The stock is heavily shorted, with a Hazeltree report giving it a 'crowdedness' score of 99, the highest for large-cap stocks. Chevron Corp (NYSE:CVX) and Wayfair Inc. (NYSE:W) also received high crowdedness scores, with CVX matching Tesla's score. AMC Entertainment Holdings (NYSE:AMC) was noted among small-cap stocks. Tesla's institutional supply utilization score is 2.18%, indicating a small percentage of shares from institutional investors being lent out. Despite the current downturn, Tesla's long-term performance remains strong, with significant gains over the past five and ten years.
April 11, 2024 | 10:39 pm
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NEGATIVE IMPACT
AMC Entertainment Holdings is noted among small-cap stocks with a perfect 99 rating for crowded short trades, indicating high short interest.
AMC's mention with a perfect crowdedness score among small-cap stocks suggests it is a target for short sellers, potentially impacting its stock price negatively in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Chevron Corp shares are also heavily shorted, with a crowdedness score of 99, indicating significant short interest among large-cap stocks.
Chevron's mention alongside Tesla as a heavily shorted stock with a high crowdedness score suggests negative sentiment, potentially impacting its short-term stock performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Tesla's stock has significantly underperformed in 2024, heavily impacted by short selling and first-quarter delivery misses. Despite this, its long-term performance and upcoming financial results could influence future stock movement.
Tesla's stock is directly impacted by the negative sentiment from short sellers and disappointing delivery numbers. However, its historical performance and future financial announcements could provide a catalyst for recovery.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Wayfair Inc. is the only mid-cap stock with a crowdedness score of 99, indicating it is heavily shorted among its peers.
Wayfair's position as the only mid-cap stock with a maximum crowdedness score highlights significant short interest, which could negatively affect its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50